The Egyptian government is expanding an initiative it launched this month with the aim of containing the high prices crisis, by pumping basic goods at reduced prices over a period of six months.
On Thursday, the government announced the offering of 18 new goods within the framework of the initiative, starting on Friday, bringing the total number of goods offered to 30.
Minister of Supply and Internal Trade Sherif Farouk said that the success of the initiative is not limited to announcing goods and discounted prices, but rather is linked to the extent of their actual availability and the continuity of their offering in outlets. He stressed that the arrival of goods to citizens in appropriate quantities and specified prices “represents the basic criterion for following up on the implementation of the initiative and evaluating its results on the ground.”
Prime Minister Mostafa Madbouly had reiterated the importance of continuing the efforts of various concerned parties to contribute to making goods available in appropriate quantities and prices. During his meeting with members and officials of his government, in the middle of this month, he stressed “the importance of continuing to implement plans aimed at expanding various fixed and mobile outlets for the sale of goods,” saying that this would contribute to greater stability in market movement and price control.
On Thursday, the Minister of Supply chaired an operations room meeting to follow up on the implementation of the “reducing commodity prices” initiative to ensure the availability of basic commodities and the regularity of pumping the required quantities.
According to a statement from the Council of Ministers, the meeting reviewed the availability rates of goods at the participating ports, and followed up on the regularity of supply and re-pumping operations according to demand rates. He also discussed the position of expanding the network of outlets participating in the initiative and following up on the entry of new outlets and branches into the availability system.
The Minister of Supply directed to continue working to increase the number of points of sale and expand the geographical coverage, while continuing coordination with the relevant authorities to increase the supply of discounted goods in various governorates, especially in areas with high population density that are witnessing increasing rates of demand.
He said: “Starting from Friday, 18 new commodities will be offered in the initiative’s branches and outlets, bringing the total number of commodities offered from the current 12 commodities to 30 commodities, within the framework of the ministry’s plan to increase the supply, diversify the available items, and provide an integrated set of basic, food and consumer commodities at reduced prices that suit the needs of citizens.”
According to observers, the “price reduction initiative” will temporarily contribute to the availability of goods, but “it will not contain the wave of high prices.” They said that indicators indicate that the prices of most food commodities are rising globally, which will in turn be reflected in the Egyptian markets.
Egypt is witnessing successive waves of high prices and a continuous rise in the prices of most commodities, exacerbated by regional tensions in the region.
The annual inflation rate in Egyptian cities recorded 14.5 percent last August, compared to 14.9 percent in July, according to data from the Central Agency for Public Mobilization and Statistics.
Member of the House of Representatives, Ayman Mohsab, believes that the “price reduction initiative” is an important step in the framework of dealing with the market issue through a vision that goes beyond the idea of temporarily reducing prices, to working to increase supply, expand distribution channels, and direct access to citizens, in a way that enhances market stability and reduces price pressures.
He pointed out in statements reported by local websites that the importance of the initiative does not stop at the reduced prices offered by the participating outlets, but rather extends to creating multiple alternatives for the consumer, in a way that supports competition and limits the ability of any intermediary links to impose unjustified increases in prices.
Regarding market supervision, the Minister of Supply stressed, on Thursday, the intensification of monitoring campaigns and field follow-up to ensure adherence to the announced prices, quality and availability of goods, as well as quickly monitoring any violations or practices that would affect the regular supply of goods or their arrival to citizens, and dealing immediately with them and taking the necessary legal measures against violators.
